Toss, a South Korean fintech app operated by Viva Republica, said Friday it will waive overseas remittance fees for foreign customers residing in Korea until the end of the year.
The fee exemptions apply to transfers to the four countries covered by Toss’s foreign-customer remittance service: the US, China, Vietnam and Uzbekistan.
Accordingly, approximately 1.53 million people, or 64 percent of registered long-term foreign residents, will now be able to transfer money to their home countries for free.
In July, Toss launched an outbound remittance service exclusively for foreign nationals in cooperation with Sentbe, a global foreign exchange solutions provider.
The promotion comes as Toss marks four years since announcing a “lifetime free money transfer” policy in August 2021, now extending that benefit to international remittances.
Earlier this year, Toss said that its app users had saved approximately 2 trillion won ($1.43 billion) in remittance fees.
“Our promotion is a promise to provide a seamless financial experience not only for domestic users but also for foreign customers, beyond waiving fees,” said a Toss official. “We will continue to provide differentiated services for foreign customers.”
By Ha Neul-bit (andreahaneu@heraldcorp.com)
